After a significant 20 percent increase in the last trading session, the shares of Honasa Consumer, the parent company of Mamaearth, reached a new all-time high during Friday's intra-day trading. This surge was driven by robust results in the September quarter of the fiscal year 2024 and a target price raise by global brokerage Jefferies.
In today's intra-day deals, the stock saw a rise of up to 14.5 percent, reaching a new peak of ₹484. Over just two sessions, it has experienced a notable 37 percent increase. Initially listed at a modest 2 percent premium at ₹330 compared to its IPO price on November 7 of this year, the stock has already demonstrated a rally of over 49 percent. Additionally, it has climbed an impressive 89 percent from its 52-week low of ₹256.10, which was recorded on November 10, 2023.
In the September quarter financial results, the company's net profit saw a twofold increase, reaching ₹30 crore. This marked the initial quarterly outcome subsequent to the company's listing on the stock exchanges. Concurrently, its revenue witnessed a growth of 21 percent, amounting to ₹496 crore in the reviewed quarter. Additionally, the company highlighted a 33 percent increase in its revenue during the first half of FY24, surpassing the 9 percent median growth of the FMCG industry.
Varun Alagh, Chairman and CEO of Honasa Consumer, expressed, “Honasa (the parent company of Mamaearth) has achieved growth rates that outpace the market and consistently enhanced the company's profitability profile. Our business has expanded by 33 percent Year on Year in H1 FY24, which is 3.8 times the median growth of FMCG companies in India”.
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